Listed in Tokyo, Metaplanet quietly became one of the world’s largest corporate Bitcoin holders. I own 15,555 BTC today. Based on the report, CEO Simon Gerovich hopes to increase it to over 210,000 BTC by 2027. That goal is to place the company’s stash in 1% of all Bitcoin that exists.
Race to make bitcoin nest eggs
According to Jerovic, the company began purchasing Bitcoin in 2024. At first it was merely a hedge against price increases. It now feels like a sprint. On Monday, Metaplanet spent $237 million to add 2,204 BTC to its safe.
Image: Bankless Times
At about $108,600 per coin, the purchase increased the average price per BTC to about $99,985. Investors are attracting attention. The stock price has risen 340% this year, despite the company still making small revenues.
Japan’s MicroStrategy Metaplanet has announced that its Bitcoin strategy has entered its second phase and plans to use BTC as collateral leverage to acquire its cash flow business. Potential goals include Japanese digital banks to provide better digital banking services…
– WU Blockchain (@wublockchain) July 8, 2025
Plans to convert crypto into cash
Reports show that Metaplanet has two phases of this strategy. Phase 1 is about accumulation. In phase 2, you borrow cash using Bitcoin as collateral. The money borrowed will fund transactions to buy profitable businesses.
Jerovic refers to Japan’s digital bank as an example. He believes the company can provide better services than current banks offer. In April, celebrities such as Standard Chartered and OKX launched a pilot program for encrypted loans. Metaplanet wants to follow their lead, but it’s massive.
The biggest public Bitcoin treasury companies. Source: Bitcoin Treasuries
Competition sizing
Metaplanet is currently ranked among the top five companies in Bitcoin Holdings. For comparison, the strategy holds over 597,000 BTC and has a market capitalization of $112 billion. In contrast, Metaplanet has a market value of over $7 billion.
The companies believe that Bitcoin will outweigh cash over the long term. However, Gerovic ruled out convertible debts. He prefers to issue preferred stock. He does not want to face any repayments related to stock price changes.
BTCUSD trading at $108,499 on the 24-hour chart: TradingView
Promise and pitfalls of the Bitcoin device model
There is a risk in borrowing against Bitcoin. Banks usually place sudden “hair cuts” on collateral. If Bitcoin prices slide, Metaplanet could face a margin call.
Japanese regulators have yet to fully accept encrypted loans. That uncertainty can slow or stop planning.
BTC price nearing the $109k mark. Source: Coingecko
Next is the challenge of integrating digital banks. Metaplanet started out as a hotel operator. Running a bank requires a very different skill set.
Metaplanet’s gambling is bold. It’s giving a new twist on the way companies use Bitcoin. If everything goes well, it could pioneer a new kind of corporate finance.
If things go wrong, this Tokyo company may struggle under the weight of its own ambitions. In any case, the next move will be closely monitored by both the code bull and the careful banker.
Meta featured images, TradingView chart
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